Richard Adams in the Guardian on Bernie Madoff as a distraction:
Sadly for Bernie Madoff, his fraud was straight forward: he stole money from investors and ran a Ponzi scheme. (His particular genius was not to promise fantastic, overnight profits, as is usually the way. Instead he offered solid long-term returns, less likely to attract attention.) But if he’d really been smart he would have got into selling collatoralised debt obligations, credit default swaps, mezzanine level revolving syndicated loans, tulip futures and all the rest. Then, if he’d really got lucky, he’d have got a bailout.